ALR makes conditional offers for Litrak, SPRINT, Kesas and SMART

KUALA LUMPUR: The trading of Lingkaran Trans Kota Holdings Bhd (LITRAK) and Gamuda Bhd securities has been suspended after the two companies received conditional letters of offer from Amanat Lebuhraya Rakyat Bhd (ALR), with ALR offering to acquire all the securities of four highway concession companies - KESAS, SPRINT, LITRAK, and SMART.

"ALR conditionally offers to purchase all the securities of LITRAK based on an enterprise value of RM2.12 billion as at Dec 31, 2021 and ALR conditionally offers to purchase all the securities of SPRINT (Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd) based on an evaluation value of RM1.81 billion,” LITRAK said in a stock exchange filing.

SPRINT is a 50 per cent associate company of LITRAK.

The company further said that the offers shall remain open for acceptance until 5 pm on April 30, 2022.

LITRAK had received approval from Bursa Malaysia Securities Bhd for the company's request for suspension in the trading of its securities on the Main Market of Bursa Malaysia Securities Berhad with effect from 9 am to 5 pm on Monday, April 4, 2022 pending the release of the material announcement.

Meanwhile, Gamuda Bhd also announced today that it has received a conditional offer letter for Amanat Lebuhraya Rakyat Bhd (ALR) to acquire all its securities in its expressway concession companies.

It told the stock exchange that ALR has offered to acquire its 70 per cent stake in KESAS Sdn Bhd; 51.6 per cent stake in SPRINT; 43.2 per cent stake in LITRAK; and 50 per cent stake in Projek Smart Holdings Sdn Bhd (SMART).

The group said its share of anticipated equity value for all of its expressway concession companies amounted to RM2.33 billion.

"Each of the KESAS offer, SPRINT offer, LITRAK offer, and SMART offer has been given by ALR on a standalone basis and is mutually exclusive from each other," Gamuda said.

The group said ALR conditionally offers to purchase all the securities of KESAS based on an enterprise value of RM1.24 billion as of the valuation date of Dec 31, 2021; RM1.81 billion for SPRINT; RM2.12 billion for LITRAK; and RM313 million for SMART.

"The offers shall remain open for acceptance until 5 pm on April 30, 2022, after which the offers shall forthwith lapse and cease to have any force or effect unless ALR agrees in writing to extend the period during which the offers shall continue to be valid," it added.

Gamuda said Bursa Malaysia had approved the suspension of trading of its securities on the Main Market of Bursa Malaysia with effect from 9 am to 5 pm on Monday, April 4, 2022 pending the release of the material announcement. - Bernama